Ask Larry: Questions and Answers | BAM - Maximize My Social Security

Displaying 1801 - 1810 of 10063 questions.

Why Am I Being Penalized For Having A Separate Retirement Plan?

I receive pension from Cal-pers. I also worked in the private industry as well.
When I applied for SSI I was told by the administration that I’d receive $677 per month. Later I received a letter saying the amount will be reduced to $292 per month.
When u called SSI to inquire why…the clerk told me “you make enough from Cal-pers and it’s been decided that you do not need the rest.
This is not right. I’m not asking for money that I haven’t earned. Why am I being penalized for having a separate retirement plan?
Thank you for your time.

. . . Read More

Category: Benefit Amount
Posted: Oct 20 2021 - 9:02am

How Are Spousal Benefits Calculated If The Higher Earner Hasn't Retired Yet?

Hi Larry, My question is regarding spousal benefit calculations. I have a pretty good handle on the calcualation itself and how it works my question is how is the PIA figured on the higher earner if they haven't retired yet and the spouse is looking to file for spousal benefits when they do. Is the PIA figured in current dollars or future dollars when the person actually is 67 ?

Hi. I'm not sure if I understand your question. A spouse can't be paid spousal benefits unless their spouse is drawing their own Social Security retirement or disability benefits . . . Read More

Category: Spousal Benefits
Posted: Oct 19 2021 - 5:47pm

If I Draw Spousal Benefits Early Will My Benefit Rate Be Reduced?

Hi, I have a quick question about Excess Spousal Benefits. If I draw spousal benefits early will my benefit be reduced due to not waiting until I am 66 1/2? I was told it would. When I asked what the percent was that it was reduced by I was told the rep did not know. she said she enters it into a software program and it just tells her the amount I would draw. She said i am eligible to up to the full 50% of PIA if I were to waiting until age 66 1/2, but we may not be able to wait that long. One rep said there is no reduction to my husbands PIA because of drawing Spousal Benefits . . . Read More

Category: Spousal Benefits
Posted: Oct 19 2021 - 5:29pm

Can I Get SS Or Medicare/Medicaid From My Husband's SS Contributions?

can I get SS and or medicare/medicade benefits from my husband"s SS contributions. He is 54 and working. I am 70 and retired without enough SS credits

Hi. Your husband would have to be drawing his Social Security retirement or disability benefits in order for you to be able to get Social Security spousal benefits. You could qualify for premium-free Part A of Medicare when your husband turns age 62, though, even if he's not yet collecting his benefits.

Regardless of a person's marital status, any U.S. citizen and some permanent resident aliens can . . . Read More

Category: Spousal Benefits
Posted: Oct 19 2021 - 5:01pm

Do Benefit Rates Increase Incrementally Or All At Once?

Hi, looking at a SS retirement income table, does the elidigibility amount increase incrimentally, in years, or all at once?
Thank you, Ann

Hi Ann. First Social Security calculates a person's primary insurance amount (PIA), which is the amount they'd be paid if they start drawing their Social Security retirement benefits at their full retirement age (FRA). PIAs are calculated based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings. PIAs can also be recalculated after any year in which a person earns enough . . . Read More

Category: Benefit Amount
Posted: Oct 19 2021 - 10:11am

If I Claim My Benefits When I Reach FRA In February 2022 Will I Still Receive The Upcoming COLA Increase?

I am currently receiving survivor benefits but want to claim my own benefit when I reach FRA in Feb 2022. Will I still receive the COLA increase when I switch over to my own benefit.

Hi.. Yes. All Social Security cost of living (COLA) increases that occur after a person reaches age 62 are added to their Social Security retirement benefit rate regardless of when they start drawing their benefits.

Before deciding when to switch to your own benefits, though, you may want to strongly consider using our software ( . . . Read More

Category: Cost Of Living Increases
Posted: Oct 19 2021 - 10:02am

How Do I Choose Medicare Supplement Insurance?

How do I choose medicare supplement insurance

Hi. My expertise is limited to Social Security benefits. Medicare supplement plans are private insurance plans, so I can't give you advice with regard to such plans. However, you may want to start your research on the Medicare.gov website: https://www.medicare.gov/.

Best, Jerry

Category: Medicare
Posted: Oct 19 2021 - 9:56am

Is My Math Correct?

Hi Larry,
My husband and I are very perplexed about Spousal Benefits at the moment.

I was told exactly what you just described in your example of a couple. The wife started receiving benefits at 62 on her own work record, her PIA was 600 but she received 400 because of starting early. Her husband began drawing on his social security at 70. His PIA was 2000.

You gave the exact calculation on how to determine what her Spousal Benefit would be. I was given the exact calculation by a Social Security Representative when I was 62.

I began drawing Social . . . Read More

Category: Spousal Benefits
Posted: Oct 19 2021 - 9:35am

Can You Be Hired For Consultation?

I'm not interested in information about disability SSI but that seems to be what all the advisors specialize in....except you! I'm not sure your software would answer my questions, but I was wondering if you can be hired for a consultation or know how to find someone who could be as knowledgeable about regular retirement maximization. Thanks!

Hi. We don't offer telephone or in-person consultation services, but subscribers to our software programs (https://maximizemysocialsecurity.com/purchase) are . . . Read More

Category: Miscellaneous
Posted: Oct 19 2021 - 9:17am

Is My Mother Entitled To Back Pay And If So How Does She Go About Getting It?

Asking for my mother...

My mother and stepfather were married for almost 30 years. He was 69 and receiving SSI when he passed on Feb 14. My mother was 59 and receiving SSDI. When she applied for her widow's benefits, she was told there was a mandatory 5-month waiting period, the same as when she applied for her disability. Once her disability was approved, she was entitled to back pay for the 5 month waiting period. However, it seems she is not entitled to back pay for the waiting period for the widow's benefits. We are just trying to figure out why she is not entitled . . . Read More

Category: Disabled Widow(er) Benefits
Posted: Oct 18 2021 - 3:59pm

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